Ilham Aliyev: '2016 was difficult year for Azerbaijan's economy' (Updated)

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'In 2016, foreign investments in Azerbaijan's economy amounted to $8 billion, domestic investments $3.7 billion,' said President Ilham Aliyev on Tuesday at the enlarged meeting of the Cabinet of Ministers dedicated to the socio-economic development in 2016 and the upcoming challenges.

The president said that the past year has been challenging for the economy. However, he stressed that it was possible to ensure the growth of non-oil industrial production.

'In 2016, the growth of non-oil industrial production was 5%, agriculture 2.6%. These two indicators give us reason to say that we managed to cope with the current challenges,' he said.

Ilham Aliyev said that in 2017 the government of Azerbaijan would continue to undertake measures aimed at the development of non-oil sector, creation of new jobs. 'In 2016, Azerbaijan has created more than 100 thousand jobs,' said the head of state.

The president stressed that in 2017 the government would have the task of reducing inflation to one-digit level.

The head of state also noted that the government would do everything possible to protect Azerbaijan from possible risks.

'We have always tried and will try to defend our country against possible risks,' Ilham Aliyev said.According to him, Azerbaijan has chosen the way of development, which it will follow in the future.

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2017 is declared in Azerbaijan the Year of Islamic solidarity. This has been stated by President Ilham Aliyev on Tuesday, at the meeting of the Cabinet of Ministers dedicated to the socio-economic development in 2016 and the upcoming challenges.